A small-cap biotech start-up has skyrocketed in value this week, and it isn’t because of a breakthrough in dietary supplements and food ingredients. Rather, it’s a shift to cryptocurrencies that’s driving the rally.
180 Life Sciences Corp., which is backed by venture capitalist Peter Thiel, surged 44% to $14.78 when the market opened Wednesday. That comes on top of a 207% gain on Tuesday, more than a tripling in value. It’s up 432% for the week.
The company announced yesterday that it now holds almost $350 million in Ethereum, the second-biggest cryptocurrency after Bitcoin, and another $240 million in cash. It will rebrand itself as ETHZilla, a play on Ethereum’s stock market ticker of ETH. It says on its website that digital token will become key for the global financial system, and the company will aim to increase its Ethereum holdings per share over time by strategically deploying its holdings.
The shift echoes the transition made by Strategy, which was formerly known as MicroStrategy, which went from being a software maker to focusing on Bitcoin.
Thiel, famous for being a co-founder of tech giants PayPal and Palantir and an early investor in Facebook, has a stake in the company through his Founders Fund.
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